American Treasury Secretary Steven Mnuchin announced earlier today while testifying in front of the U.S. Senate appropriations subcommittee that crippling steel and aluminum tariffs on Canada and Mexico could be over very soon.
According to the cabinet minister, the U.S. is close to an “understanding” with its two neighbours about lifting the 25 percent duty on steel and 10 percent levy on aluminum imports.
The removal of the two tariffs has become a notable sticking point for both Canada and Mexico directly stopping them from signing the newly re-negotiated NAFTA.
Both Canada and Mexico have imposed retaliatory duties on U.S. goods, in response, although the effects of the tariffs have been far less pronounced on the United States due to the size of their economy.
While Mr. Mnuchin’s comments are positive for thousands of Canadians in those sectors suffering through reduced economic activity, they are by no means precise, and no clear breakdown has been given as of yet on what a compromise between the three nations would look like.
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